Argentina lowers interest rates for businesses as inflation tends to subside

Source: Mercopress
10.18.2016

Argentina's main state-run bank said it lowered its headline interest rates for loans to businesses on Monday amid expectations that inflation will begin to slow in Latin America's third-largest economy, a move that will help put credit back within firms' reach. Banco Nacion, the country's largest financial institution and which also acts as a development bank, set its annual nominal reference rate for business loans at 27%, down from 32%.

The bank said it has also set aside US$330 million for loans to small- and medium-sized businesses at a discounted rate of 15%.

“We've made this decision with the conviction that gradually we will have a substantial improvement in the general economy, with inflation trending lower,” said Carlos Melconian, president of Banco Nacion.

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